Tanzania National Social Security Fund (NSSF) on Tuesday, June 18, revealed details of a 22-storey twin tower building being constructed in Nairobi, Kenya.
According to the Tanzanian foreign ministry, the building is a real investment which will be built by NSSF in collaboration with the ministry.
Explaining the rationale behind the multibillion investment, Tanzanian Foreign Affairs Minister January Makamba noted that it would earn the current foreign exchange.
Located in Upper Hill, Nairobi, the building will also be the diplomatic residency for Tanzanian officials.
“The Tanzania Towers, containing residences and offices will not only earn the government much-needed foreign currency but will also save government rental expenses for the chancery and embassy staff housing,” Makamba explained.
“We are delighted that NSSF management, the investment committee and the whole board have found this investment profitable.”
The Tanzania Towers is the first of six such multi-billion ventures Samia Suluhu’s administration wants to invest in the short term.
Other towers will be constructed in Kigali (Rwanda), Kinshasa (Democratic Republic of Congo), London (United Kingdom), New York (United States) and Lusaka (Zambia).
“We seek to use professional and world-class real estate entities to develop these assets to earn income for the government and uplift the quality of our embassies and embassy staff housing,” the need for the buildings was explained.
Kenyan officials who graced the construction launch were Prime Cabinet Secretary Musalia Mudavadi and East Africa Community CS Peninah Malonza.
Tanzania noted that it already had 101 buildings and plots around the world to reduce the amount of money spent on rent.
According to Makamba, there has been an extensive investment by the Tanzanian government in Lusaka where the nation owns 11 buildings and plots.
